Insurance Broking Services
All too often, we see ‘off the shelf’ insurance products purchased which do not recognise specific underlying risks to business, and as such may not achieve an optimum risk transfer. Even if the product fits well initially, McKenzie Ross’ undertaking is to ensure that changes in the organisation’s risk profile feed into product design and selection.
To achieve this, a thorough process of risk analysis is completed which determines the key risks to a business, the financial impact if they are left undetected, then a consultative approach as to what risks the business is comfortable to retain and what needs to be transferred to an insurer.
Risk Profiling & Acceptance
Insurable Risk Profiling and Acceptance follows a structured process which demonstrates good corporate governance and can easily be linked to your organisation’s broader risk management activities. As well as providing management with an audit trail and point of reference for future assessment McKenzie Ross can provide the following for your organisation:
- Identification of insurable risks – Utilising existing information and working top-down to identify a range of risks which in McKenzie Ross’ experience could be relevant, and significant to your organisation if untreated.
- Assessing the financial impact of risks – Working with key personnel within your organisation to facilitate risk assessment and gain a better appreciation and understanding of risk impacts, thus developing the profile of insurable risks.
- Measuring the response of insurance – Drawing upon McKenzie Ross’ in depth knowledge of insurance to comprehensively review and clearly translate how your current insurance program responds to the risk profile developed.
- Create an insurance program – McKenzie Ross will work closely with your management team to design an insurance program which provides your business with an optimal transfer of risk and balances the potential cost of retention versus the cost of transfer.
McKenzie Ross’ unique approach focuses upon Liability, Asset, Business Interruption and People risks, which are the four core areas where insurance is most commonly used as a risk transfer tool.
Key benefits of using McKenzie Ross
- High level assurance that risks are transferred where intended.
- A greater understanding of the risks retained in your organisation, some of which may
require alternative management methods.
- A formal process of risk identification that demonstrates good corporate governance to stakeholders.
- Linkage between insurance and your organisation’s overall process for risk management.
- Enhanced ability for ‘insurable’ risk to be transferred to insurance markets in the best possible light by demonstrating sophistication in identification and analysis.